Phemex Lists 47 More Tokens to Give Investors Diversified Exposure
Cryptocurrency has been the hot buzzword of the investing world for the last couple of years, and for a good reason. Digital assets have the potential to revolutionize global finance by providing a fast, secure, and convenient way to transact in a trustless manner. Cryptocurrencies are lauded for their decentralized nature, which makes them much less susceptible to government interference or manipulation.
Some tokens are meant to be used for payments, while others are used more as a store of value, and still more are used as utility tokens that give holders access to a particular product or service. As of 2022, there are over 10,000 different types of cryptocurrencies in existence, with more being created every day, so how do you choose which ones to invest in?
This is where Phemex comes in. To give investors access to even more options, the trading platform just listed 47 new tokens, all of which have been carefully vetted by their team of experts.
Trade 47 New Tokens with Phemex
Phemex is an online cryptocurrency exchange that allows users to buy, sell, and trade a variety of different digital assets. The platform recently announced that it is listing 47 new tokens, expanding its already robust selection of cryptocurrencies.
One of the biggest highlights in this listing round is Terra. Phemex wants to ensure its investors access to tokens from the Terra universe, which many believe to be the best network to build DeFi applications on after Ethereum. Recently, Terra surpassed its closest competitor, BSC smart chain in total value of assets locked into the platform.
UST is Terra’s most popular decentralized stablecoin, and is algorithmically pegged to the U.S. dollar. Unlike centralized stablecoins, Terra’s decentralized stablecoins are not backed by assets like cash or government debt. Instead, they are backed by Terra’s native LUNA coin, but not in the same way other decentralized stablecoins are.
Terra uses a mint and burn mechanism, wherein one dollar’s worth of LUNA can be burned to mint 1 UST, and 1 UST can be burned to mint a dollar’s worth of LUNA.
This makes it easy for UST to maintain its peg through simple supply and demand. If UST is worth more than 1 dollar, then LUNA holders are incentivized to burn LUNA to mint UST as they can sell it for more than a dollar in exchange for other stablecoins. If UST is priced at less than a dollar, UST holders are incentivized to burn their tokens and mint LUNA, since they will earn higher profits. The resulting decrease in UST supply then brings its price back up to its 1 dollar peg.
Mirror Protocol (MIR)
MIR is essentially the governance token of Mirror protocol on Terra and Ethereum. Mirror Protocol assets are called mAssets. The system ensures over-collateralization of upto 150% for stable operation, while a liquidation engine cashes them out if the value falls below the threshold price.
A holder burns the same amount of mAssets issued when opening the CDP. The Mirror Protocol consists of various tokens, including MIR (its governance token), mAssets (generated synthetic assets), the collateral locked to mint the mAssets, and UST (the TerraUSD stablecoin).
Anchor Protocol (ANC)
Anchor is defined as a savings protocol. It enables deposits and withdrawals while providing investors with the option to earn dividends through high, incredibly stable interest rates. The platform supports LUNA and UST tokens to promote the development of the Terra ecosystem, and the project aims to become a marketplace between lenders and borrowers looking to use the Terra stablecoin for different purposes.
bASSETS are native Proof-of-Stake (PoS) tokens. Lenders deposit Terra stablecoins to earn yield while borrowers supply bASSETS (bonded assets) to borrow stablecoins. PoS block rewards are much less volatile over their emission period.
Grow Your Investments With Phemex
With the listing of 47 new tokens, Phemex is giving users even more opportunities to grow their holdings. The platform has a variety of features that make it an attractive option for both experienced and novice traders alike, including advanced trading features, a user-friendly interface, and 24/7 customer support.
The platform works hard at creating a tailor-made trading experience for all types of users. Whether you’re looking to trade the new tokens that Phemex is listing or any of the other 80+ supported assets, Phemex is a great option to get started with investing, trading, and diversifying your crypto portfolio.